Rice has spoken of a desire to test himself in Europe's premier club competition and knows he will need to leave the London Stadium to do so.
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The 24-year-old has turned down numerous offers of a new contract from West Ham and Noble has taken a realistic stance on the midfielder's future plans.
"It's just the world we live in," Noble told Standard Sport. "We're West Ham and these players want to go out and play Champions League football — and do you blame them?
"Dec is no different. Dec will always be hailed at West Ham as a fantastic player and such a top, top person. But I don't think anyone begrudges him wanting to go and win things. We just hope he'll keep performing like he has been over the last month or so.
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"Wherever Declan ends up, or however much someone pays for him, whether it's here or anywhere else, he's worth every penny.
"He's said openly he loves playing at West Ham, but he has got ambitions as a player to go and play in the Champions League and win trophies. I don't think any West Han fan can actually have an agenda over that.
"Do you blame him for having really big ambitions? Of course you don't. If he didn't, he probably wouldn't be as good as he is."
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Rice has plenty of suitors all vying for Champions League qualification. Arsenal, Chelsea and Manchester United have all had a longstanding interest in the England international.
With extension talks at a standstill and 18 months left on his existing deal, West Ham may be forced into recouping some funds for their academy graduate.
Meanwhile, Noble has settled into his role as West Ham sporting director - a position he took up on January 3.
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He admits he has been learning the ropes during his first month in the job and has paid close attention to the club's academy.
Noble said: "I still put my boots on and train with the Under-18s and the U21s, because you only know first-hand what they're like when you're training with them.
"It's great, because I get to see them first-hand, and I'm probably the best person in the world for them to ask questions about what it's like to break into the first team."